Paycom initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Paycom (PAYC) with a Buy rating and $270 price target which offers 24% upside. While artificial intelligence could impacts how people interact with applications, it won’t eliminate them entirely, the analyst tells investors in a research note. The firm believes Paycom is well positioned to capitalize on the AI era, given its architectural advantages like single database foundation and track record of innovation.